If you’re intent on buying a home or cottage in Ontario in a more rural area, beware of abandoned underground oil tanks. A home inspection may catch it if one exists, but you can also request that the home inspector look for one or even hire a fuel tank inspector to ensure your property is clear.
Oil heating was common before natural gas an propane were more readily available, and sometimes oil tanks are buried underground. These tanks can be dangerous and actually lead to contamination, which is why they need to be removed properly. Because this can be very expensive, many home buyers opt to make sure there’s no buried tanks present on a property before they even buy it. If there is a tank on the property, a buyer may even be within their right to ask the seller to lower their asking price to make up for the costs needed to safely and properly remove the tank.
For more, check out Toronto Real Estate lawyer Bob Aaron’s information on underground oil heating tanks on his website here.